In or out ... I’m in deep !!11 Jul 2018 20:29
A POTENTIALLY MULTI BILLION BARREL PROSPECT
• 4 commercially co-joined offshore licenses; 12,600km2 (>3 million acres)
• A further 9,400km2 under application on-trend; play system secured
• Regional analogues, local working petroleum systems
• Proximate to US markets, infrastructure and services
• Significant work undertaken (2D, 3D, geological modeling, EIA etc)
• Multi-billion barrel potential (Ryder Scott CPR, 2011)
• Surrounded by proven petroleum provinces: Gulf of Mexico, Cuba, Florida
• Under explored (5 wells: 1 well/~24,000 km2; all had hydrocarbon shows)
• Historical results (1945-1986) based on old data and technology; extensive
database – 8,000 km 2D, 3,000 km 3D seismic, core, cuttings and logs
• c. $100 million spent to date
• Attractive fiscal regime
• Throughput dependent royalties
• No corporate / income tax. No Capital Gains Tax
• Dictates low minimum economic field size at 200 million barrels or less
• Estimated break even price: $30 - $40 per bbl
• 1 exploration well
• Success case will require further appraisal
• If appraisal well successful will likely lead to development